Snowflake stock extends rally as pullback risk rises
Snowflake continues to strengthen its AI offering by expanding CoWork, Cortex Agents, and multimodal search capabilities. At the same time, a seven-week rally and an overbought RSI increase the risk of profit-taking ahead of the U.S. CPI release on August 12.
SNOW released Automations in CoWork into public preview. The feature allows an AI agent to automatically rerun reports with updated data and deliver the results to users. The company also made support for Cortex Agents and MCP servers generally available within Snowflake Native Apps, expanding the ability to build enterprise AI applications directly on its platform.
The company also added support for large video files in AI_MULTI_EMBED for semantic search. Together, these releases reinforce the key investment narrative around SNOW: the company continues to transform its data platform into an infrastructure layer for enterprise AI agents and multimodal applications.
Overbought RSI raises the risk of profit-taking
The previously identified support at $300 held, allowing buyers to extend the rally and push the stock to $330.49, its highest level since January 2022.The next notable resistance is the psychological $350 level. However, SNOW has now risen for seven consecutive weeks, gaining more than 43% over that period, which significantly increases the probability of short-term profit-taking.
The RSI (14) also points to an overheated technical structure. The indicator has remained in overbought territory for about a month, meaning that even with the broader bullish momentum intact, the risk of a near-term pullback remains elevated.
Inflation data raises short-term volatility risk
The next external catalyst for SNOW will be the release of July U.S. CPI data on August 12.
The timing is particularly sensitive for SNOW, with the stock entering the release after seven consecutive weeks of gains and an extended period of overbought RSI readings. A significant deviation in CPI from expectations could therefore trigger either another leg higher or a sharper wave of profit-taking.
Against this backdrop, short-term traders should account for an elevated risk of sharp price swings around the inflation release.
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